ABN AMRO today announces to have reached an agreement on the purchase of the domestic private banking activities of Credit Suisse in Germany. Credit Suisse in Germany manages more than EUR 10 billion in assets under management for domestic clients with investible assets exceeding EUR 1 million.

With this acquisition ABN AMRO further strengthens its private banking activities in Europe. The acquisition positions Bethmann Bank, ABN AMRO's private bank in Germany, as the third largest private bank in Germany.

Jeroen Rijpkema, CEO of ABN AMRO Private Banking International: "It is part of our strategic focus to be a leading European private bank. The acquisition of these activities fits perfectly well with our strategy and client focus. It also broadens our service offering to clients and enhances our local network."

The planned transaction is subject to certain conditions being met, including approval by the relevant merger control authorities. Closing of the transaction is expected in the course of 2014.